1. Prepare a journal entry for each of the following transactions. a) Miracle Body Corporation sells 10,000 shares of P10 par common stock for P13.25 per share. b) Miracle Body Corporation sells 5,000 shares of P50 par, 10%, cumulative preferred stock for P55 per share. c) Received a building with a market value of P160,000, and issued 6,400 shares of P10 par common stock in exchange. d) Miracle Body Corporation reports net income of P70,000 at the end of its first year of operations.

Q: Becton Labs, Incorporated, produces various chemical compounds for industrial use. One compound, cal...

A: The question is based on the concept of Cost Accounting.

Q: i need that last two parts (D AND E)

A:     2021 2022 Units Produced 60000 50000 Units Sold 54000 54000 Selling Price per Unit  $  ...

Q: Babak Industries is a division of a major corporation. Last year the division had total sales of $20...

A: Formula: Division turnover = ( Sales revenue / Average operating Assets ) 

Q: The following information is available for Dennehy Company: $390,000 Sales Revenue Freight-in $30,00...

A: Cost of goods sold = Beginning inventory  + Purchases - Purchase returns and allowances  + Freight-i...

Q: Penny Company manufactures only one product and uses a standard cost system. The following informati...

A: Direct Labor Variance: Direct labor cost variation is defined as the difference between the standard...

Q: Accounting Budget Fixed FOH=800 Actual HRS=120 Stand HRS=150 Norm HRS= 100 Actual Fixed FOH=815 1.Fi...

A: 1) Fixed Overhead Rate  is derived by dividing the total cost pool by unit of basis of allocation us...

Q: 1. Cash balance according to the company's records at August 31, $17,100. 2. Cash balance according ...

A: The bank reconciliation is a statement which is prepared by accountant to reconcile the balance of c...

Q: Nash Co. sells $360,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June ...

A: Please see explanation for the bond amortization schedule.

Q: Assume an investor purchases bonds at a premium the bonds are to be held as a long-term investment w...

A: When a Bond is issued at premium, the interest revenue is always less than periodic amount of cash r...

Q: Capital Expenditure Expenses a.) Acquired building for a down payment plus a mortgage payable. b.) P...

A: Introduction: Capital expenditure: Capital expenditure is a non recurring nature. Expenditure spent ...

Q: iny Tots Daycare Centre provides daycare for children Mondays through Fridays. The business had $140...

A: The question is related to Marginal Costing. The Basic equation is as under  Sales = Variable Cost +...

Q: Account DR CR Cash $40,000 A/R 20,000 Rent Exp 12,000 Dividends 5,000 Sales Return 8,000 Wage Exp 15...

A: Formula: Net income = Revenues - Expenses.  

Q: Olive Company makes silver belt buckles. The company's master budget appears in the first column of ...

A: Fixed costs: Fixed costs means cost that are not dependent on the level of production of goods or se...

Q: Describe two separate and distinct ways to calculate goods available for sale.

A: Goods available for sale is the cost of total units of finished goods (this includes both manufactur...

Q: On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anderson, with credit terms o...

A: Under Gross Method, Sales are recorded at the invoice amount and the cash discount is recorded when ...

Q: Part III Record the following T Accounts 1. Recorded revenue from cash patients of $30,000.00 2. Pai...

A: A T-account is an informal term for a set of financial records that use double-entry bookkeeping. It...

Q: Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the amou...

A: Payroll tax can be defined as the amount of tax withheld from the salary of the employee and paid to...

Q: calculate the cost of goods manufactured: In S's Direct Materials Used 120 Direct Labor 200 Manufact...

A: Formula: Cost of goods manufactured = Direct materials + Direct labor + Manufacturing overhead + Beg...

Q: Sycamore, Inc. purchased P100,000 of 8 percent bonds of Alvarado Industries on January 1, 2022, at a...

A: Bond Valuation In the bond valuation it uses either in par value or in discount or in premium on bon...

Q: Naper Inc. manufactures power equipment. Naper has two primary products-generators and air compresso...

A: The activity-based costing (ABC) method assigns overhead and indirect expenses to connected products...

Q: Required: 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases t...

A: Solution:- Given, New delivery purchased = $58,000 Sales tax = $4,900 Paid cash on van = $14,000 Due...

Q: BJ Company produces "JUICE". To produce JUICE, BJ will require 15 units of Material X at P8 per unit...

A: Absorption costing: Absorption costing is also called traditional costing. This method of costing di...

Q: explain each of the 7 reasons why the Code of Ethics exists in accounting. It is inherent to the ac...

A: Honesty, morality, and integrity are examples of ethical values. These rules are created in accounti...

Q: Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direc...

A: Since you have posted question with multiple sub-parts we will do the first three sub-parts for you ...

Q: Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers...

A: 1 ) Contingent liability is a liability that happen to occur on happening of an event or incident .A...

Q: On January 1, 2015, Mac Inc. issued 3,000,000 bonds with a coupon rate of 8% maturing in 4 years. Th...

A: Issue Price of Bond (Present Value) = PV of Coupon Payments + PV of Redemption Value PV of Coupon Pa...

Q: Materials used in research and development projects $4,500 Equi

A: In this question, we have to compute the R&D cost that can help in determining the net income 

Q: A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all a...

A: Solution:- Given, Acme Inc., information which is actual and standard 

Q: Discussion Question 8-6 (LO. 2) How is cost recovery computed for an asset, in the year it is placed...

A: If the mid-quarter convention applies, the property is treated as though it were disposed of at the ...

Q: Accounts Debit Credit (OMR) (OMR) Cash 120,000 Capital 100,000 Prepaid insurance 5600 Salary expense...

A: Lets understand the basics. Income statement is prepared by the management to know the net result of...

Q: McKenzie purchased qualifying equipment for his business that cost $212,000 in 2021. The taxable inc...

A: Deduction- A deduction is an outflow that can be deducted from a taxpayer's gross income in order to...

Q: On March 12, Fret Company sold merchandise in the amount of $7,800 to Babson Company, with credit te...

A: As per net method of accounting, it assumes that customer will pay within discount period hence it r...

Q: 22 On January 1, 2022, Estrime Company purchases an investment property at a cost of P50,000,000 in...

A: Investment Property is a form of asset for the business, under which assets are being purchased for ...

Q: The allowance for doubtful accounts of Beta Care Limited had a credit balance of $1,500 at  December...

A: Allowance for doubtful account had a $1,500 debit balance is to be added to Bad debt expense account...

Q: total cash received

A: Cash Inflow on, 1. Pledge with Yupy bank = P500000 2. Factoring with Yalong finance = P1300000 - P13...

Q: Oxmoor Corporation prepared the following adjusted trial balance.                                   ...

A: Income statement forms a part of financial statements and is prepared with a view to ascertain the n...

Q: The entity shall measure a non-current asset that ceases to be classified as held for sale at the lo...

A: Non-Current Asset: Noncurrent assets are long-term investments made by a corporation that cannot be ...

Q: Paid secretary's salary for the first half of the month, Php3,500. A. Debit Cash, Credit J. Ilagan, ...

A: Journal is a book of original records wherein transactions are recorded for the first time.

Q: Use the following information to calculate total ending cash and equivalents: Beginning Cash and Equ...

A: Ending cash & cash equivalent will be equal to sum of beginning cash & cash equivalent and c...

Q: First Time Corporation conducted an IPO, issuing 2 million common shares with a par value of P0.25 t...

A: Calculation of equity account and market capitalization end of first year are as follows

Q: The stockholders’ equity accounts of Whispering Winds Corp. on January 1, 2017, were as follows. P...

A: Stockholders' equity refers to the assets remaining in a business once all liabilities have been set...

Q: Any adjustment to the carrying amount of a noncurrent asset that ceases to be classified as held for...

A: As per IFRS 5 As per IFRS 5 "Accounting for Non-Current assets held for sale and the presentation an...

Q: Actual Costing Production Cost, Unit Cost, Net Income and Inventories 2. CABADBARAN CORP., produces ...

A: Using throughput costing method, the direct materials cost is treated a variable cost and other manu...

Q: Using the following data, apply the high-low method of cost analysis to the three cost data groups: ...

A: In this question, we have to find out the pattern behavior of each group.

Q: Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the sec...

A: Cash Budget The purpose of preparing the cash budget to know the total movement of cash inflows and ...

Q: Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is...

A: Journal entry is the process of recording the transactions. The transactions in the question took pl...

Q: The Mendholm Company entered into the following transactions:a. Performed services on account, $21,5...

A: Sno. Transaction  Assets      =   Liabilities         +   Stockholders Equity   Cash   Accounts Re...

Q: 2021 2022 Units produced 60,000 50,000 Units sold 54,000 54,000 Selling price per unit Variable cost...

A: In variable costing, only fixed manufacturing and other indirect costs are expensed in the period th...

Q: In the lecture video I used Lay's Potato Chips and an imaginary company (Smith Co.) as examples to e...

A: Process costing is an accounting technique under which all the products produced by a company have t...

Q: On April 12 Hong co. agrees to accept a 60 day, 6% 6,900 note from indigo co to extend the due date ...

A: Formula: Interest amount = Notes amount x Interest rate x time period